LAW 204 Chapter Notes - Chapter 2: Sole Proprietorship, Legal Personality, Unemployment Benefits

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Anything bought with partnership money is considered to be partnership property: all partners are entitled to share equally in the profits and capital of the partnerships. The partner is still entitled to share in the profits of the partnership. Alert the partners to the provisions which cannot be altered by the partnership agreement. Review the provisions which can be altered and find out which ones the partners would like changed. Draft the appropriate provisions into the partnership agreement: review issues which are not addressed in the opa and issues which the partners find important enough to be addressed in the partnership agreement. Draft the appropriate provisions into the partnership agreement. Can there be any forced purchase or sale of partnership interests (similar to share-holders" agreements): what are the banking arrangements (ex. Their liability is only as extensive as their proportionate holdings in the partnership assets.

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